DJ JML Finance (Luxembourg) sarl: Julius Meinl Living Publishes its Consolidated 2022 Accounts
JML Finance (Luxembourg) sarl / Key word(s): Annual Results JML Finance (Luxembourg) sarl: Julius Meinl Living Publishes its Consolidated 2022 Accounts 13-Apr-2023 / 13:00 CET/CEST
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Julius Meinl Living Publishes its Consolidated 2022 Accounts
Julius Meinl Living PLC, through its group companies, acquires prime real estate assets in its core markets for development into serviced residences that the group will then operate itself ("Julius Meinl Living").
Julius Meinl Living PLC is fully owned by the Julius Meinl family who, over the last 160 years, have demonstrated their expertise in consumer goods, retail and real estate.
2022 Accounts
Julius Meinl Living was able to achieve many significant steps forward in 2022. In financial terms, the group achieved: - A profit before tax of EUR9.5m (2021: EUR6.5m) - Profit for the year of EUR6.7m (2021: EUR4.8m) - An increase in shareholders' equity to EUR42.3m at 31 December 2022 (2021: EUR35.2m) - An increase in total assets to EUR124.3m at 31 December 2022 (2021: EUR114.0m)
In the early part of the year, the redevelopment of Julius Meinl Living's property at Senovazne namestí 3 in Prague, in the Czech Republic, was completed and all fixtures, fittings and equipment were installed. Despite rising inflation, covid and some delay, the overall cost of the redevelopment was close to the budgeted amount.
In accordance with the target of opening in spring 2022, the Prague property opened in May and is now known as "The Julius Prague". Since opening, the Julius Prague has received many enthusiastic media reviews, as well as thousands of positive guest reviews. For example, on booking.com, there have to date been 2,283 reviews, with an average score of 9.4.
With the benefit of this positive reception, total revenues for 2022 amounted to EUR4.8m, approximately 15% above budgeted revenues for the year. ADR was EUR168 and occupancy was 65%, giving rise to RevPAR of EUR108.
Recognising the successful launch of The Julius Prague, the fair value of the property is now assessed in the group's accounts as being EUR102.4m (2021: EUR84.6m).
The successful launch of The Julius Prague also enabled the property's construction loan to be refinanced during the course of the year. This increased the amount of debt secured on the property from EUR31.0m to EUR35.3m.
The group's second property is the Escala Hotel & Suites in Budapest. The acquisition of this 51 apartment property was signed in June 2021 and completed in August of the same year. Despite some softness during the course of the Omicron covid wave in early 2022, the property achieved revenues for the year that were at 2019 levels. ADR was EUR98 and occupancy was 74%, giving rise to RevPAR of EUR73.
The fair value of the Escala Hotel & Suites is now assessed in the group's accounts as being EUR10.1m (2021: EUR9.4m)
Across its properties, Julius Meinl Living recorded in 2021 a fair value gain totalling EUR14.9m (2021: EUR12.7m).
As at 31 December 2021, Julius Meinl Living had cash of EUR9.1m (2021: EUR17.1m) and net financial debt of EUR59.6m (2021: EUR47.1m). The increase in net financial debt resulted mainly from the completion of The Julius Prague.
The 2022 accounts are now available from www.juliusmeinlliving.com.
Current Trading and Expectations
Despite the low growth, high inflation economic environment that currently prevails in Europe, the year has started promisingly. Julius Meinl Living is confident of delivering a strong performance through the year as a whole.
Strategy
The strategy of Julius Meinl Living now comprises synergistic elements that blend long term vision with immediate opportunity.
The first element takes into account the successful launch of The Julius Prague and is to develop The Julius into the pre-eminent collection of premium serviced residences in major cities across Europe.
Currently, Julius Meinl Living is progressing negotiations in relation to a number of identified and exciting pipeline properties and continues to seek additional pipeline opportunities, in both cases for eventual addition to The Julius portfolio.
The second element acknowledges the benefits of acquisitions like the Escala Hotel & Suites and is opportunistically to acquire lower value serviced residence properties that can immediately generate profit and cash flow for the group, and after modest investment in refurbishment, value uplift also.
With current market conditions benefitting buyers with access to finance, Julius Meinl Living is confident of being able to take advantage of the best of the opportunities available to it, as and when they arise.
For further information please contact:
Julius Meinl Living PLC
office@juliusmeinlliving.com
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Dissemination of a Financial Wire News, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement.
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Language: English
Issuer: JML Finance (Luxembourg) sarl
6 Rue Dicks
L-1417 Luxembourg
Luxembourg
E-mail: office@juliusmeinlliving.com
Internet: www.juliusmeinlliving.com
ISIN: XS2042981576
EQS News ID: 1607109
End of Announcement - EQS News Service
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1607109 13-Apr-2023 CET/CEST
Image link: https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=show_t_gif&application_id=1607109&application_name=news
(END) Dow Jones Newswires
April 13, 2023 07:00 ET (11:00 GMT)
